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Finance and Taxes City-planning ABOUT BULGARIA Interesting News from MIRELA Real Estate Agency Housing loans Real Estates Prices and Analyses Construction The real estate market at present Economy05.09.2008
Bulgarian property market tamed
The future of the property market would depend on three main factors: how average incomes were progressing, the change of lifestyle and more clients wishing to buy a home in a modern building, as well as the deeply rooted trend in Bulgarian mentality that dictates that it is better to buy than to rent The force with which the Bulgarian residential property market has been developing is beginning to subside The fact that the force with which the Bulgarian residential property market has been developing is beginning to subside was officially confirmed by real estate company executives during ...
14.08.2008
Bulgarian defence ministry lists 243 properties for sale
The properties that will be listed for sale are part of the 713 defence ministry properties classified as redundant The Bulgarian Defence Ministry will put 243 properties around the country up for sale in autumn, as it attempts to shed redundant assets, defence minister Nikolai Tsonev said. The listings will include land plots, buildings, shops, warehouses and community centers in Sofia, Plovdiv, Varna, Bourgas and several resorts. The properties that will be listed for sale are part of the 713 defence ministry properties classified as redundant. The method of disposal will depend on ...
14.08.2008
The real estate market at present
Land plots near Sofia still increasing in value
The price of land plots suitable for construction near Sofia has increased between 10 and 15 per cent BTC, the dominant Bulgarian fixed-line telecom, will seek shareholder approval to transfer 100 real estate properties valued at over 281 million euro to one of its subsidiaries The general meeting of shareholders is scheduled for September 23. BTC plans to transfer the assets as a non-cash contribution to the balance sheets of one or more newly incorporated single proprietorships, according to the shareholder meeting notice. Property valuation services was provided by real estate ...
08.08.2008
Italian Co-Ver Industrial to build Tishman and GE’s Sofia Airport Centre
Sofia Airport Centre is planned to spread on 165 000 sq m, 100 000 pf which would be office area. It would also have a luxurious hotel with 250 rooms Co-Ver Industrial won the tender for the construction of Sofia Airport CentreItalian company Co-Ver Industrial won the tender for the construction of a business centre near Sofia Airport, Italian news agency Ansa said as quoted by Dnenvik daily. Investors in the development, Sofia Airport Centre, were Tishman and General Electric Real Estates. The investment was estimated at 250 million Euro. Tishman launched the construction of the ...
08.08.2008
Black Sea hotels rented without tender
The Defence Ministry offered for rent a development of two hotels in the Black Sea resort of Kiten to the company Global Trade without calling a tender Global Trade pays a modest 41 000 euro in annual rent for the holiday complex of 140 beds. During the first five years of the agreement the Defence Ministry also receives 40 per cent of the income, Bulgarian-language daily Dnevnik reported on August 5. The contract was concluded in 2003 and expires in 2013. Yordan Vassilev, who is indirectly connected to the construction tycoon Trace Group, owns Global Trade. Former defence minister ...
24.07.2008
Rents in Sofia – from steady high to high up
An average rent for a two-bedroom flat in those areas is 450 euro The company indicates that for the first half of the year, small flats in Mladost, Oborishte and Dianabad have been most desirable and prices there have gone up, respectively. An average rent for a two-bedroom flat in those areas is 450 euro. In boroughs like Lyulin, Druzhba and Obelja, flats could be found from 150 euro a month to 200.In the six month period from the beginning of the year, rental rates for residential property have increased, website investor.bg said, quoting brokers from various agencies. The ...
24.07.2008
The real estate market at present
Central Europe becomes top logistics, industrial property destination - study
Bulgaria attracts industrial / logistics developers mostly with low labour costs. Rent levels rank the country mid-table with some experts considering the country to be an expensive logistics destination compared to other European countries.Three out of Europe’s top five markets with the best location for industrial or logistics facilities were in Central and Eastern Europe, according to the European Distribution Report 2008 published by real estate consultant Cushman&Wakefield (C&W). Belgium retained the top spot in the rankings, published by C&W every two years, and is followed by the ...
24.07.2008
The real estate market at present
Bulgaria’s residential property market is nearing its peak - realtors
Tsenova said that the need for price corrections is evident in some of Sofia’s boroughs such as Mladost, where prices have gone up by 25 per cent for the first six months, Studentski Grad (up by 23 per cent) and Lyulin (up by 21 per cent). In those areas the supply is somewhat relevant to the demand, but buyers are not so impulsive in their decisions, they take the time to do several inspections of the property and are more cautious in their selection, Tsenova said. For the months of May and June, supply on the residential property market surpassed the demand by 50 per cent, Katya Tsenova, ...
20.07.2008
News from MIRELA Real Estate Agency
The First catalogue edition for luxurious properties of Mirela Real Estate Agency came off the press
'VIP estates' is the brand, which will present to your attention offers for sale and rent of unique properties in Bulgaria and abroad. From the rich Mirela's database, with more than 25 000 proposals for sale in Bulgaria, we present you a selection of accents, including houses, villas, town and holiday apartments, outstanding with individual attitude to location, architectural decisions, construction and interior. 'VIP estates' brand brings the idea of uniqueness as a way of thinking and life style. It also expresses the notion of prestige in accordance with the conditions and the ...
18.07.2008
Cedar house experience first hand
Valuable qualities of this new-to-Bulgaria feature include eco-friendliness, energy efficiency, beautiful and modern design and even health benefits 'The model house built on Dourankoulak Lake, boasts 300 sq m, and was constructed in about three months. A square metre is estimated to cost between 900 and 1200 euro.This may sound like news coming from the world of fairytales, but it is now possible in Bulgaria to have your house built, including shipping and construction time, in a total of six months. The house literally gets shipped in a container from overseas and a knowledgeable crew ...
15.07.2008
FairPlay Commercial to invest in new logistics park projects
The 57 million euro logistics park may be sold once it is completed if the right price is offered The first phase of the project delivered a built area of 24 000 sq m. The 57 million euro logistics park may be sold once it is completed if the right price is offered, Zahariev said.FairPlay Commercial, an office property developer that is part of FairPlay International, said it plans to build distribution warehouses and a 120 000 sq m logistics park. The location of the new property developments was not named. The warehouses would most likely be in smaller cities with shortage of ...
15.07.2008
Central railway station in Plovdiv to be renovated
The investor selected to do the renovation will also be granted building permission for additional construction in the area as compensation The architectural project amounts to 150 million euro and envisions building two glass domes with a diameter of 25m, the construction of retail and residential complex as well as complicated infrastructure of underground tunnels connecting Plovdiv's centre with the southern part of the city. Plovdiv's architectural studio Arkont-A won the tender called to pick a design for the renovation of the city's central railway station, mediapool.bg reported. ...
15.07.2008
Sofia City Hall to ban construction in Studentski grad
According to Borissov, as quoted by the Monitor daily, the Sofia City Hall plans to ban construction in other boroughs in Sofia, without revealing which ones.Construction in Studentski Grad (Students' town) borough will come to a complete halt in a matter of several weeks, Monitor daily reported, based on Sofia mayor Boiko Borissov and chief architect Petar Dikov's intentions to issue an ordinance to ban further construction of the area. It is quite possible that this will be a temporary solution, and, as of now, it not clear when the ordinance would be implemented or how long it would be ...
26.06.2008
Foreign Minister, ambassador discuss French presidency priorities from Bulgarian angle
Over the next six months special attention will be paid to culture as a basic part of the European heritage Bulgarian Foreign Minister Ivailo Kalfin outlined on June 25 2008 the Bulgarian take on the priorities the French presidency of the European Union - the energy and climate package, migration, defence and agriculture - at a work meeting hosted by French ambassador to Bulgaria Etienne de Poncins in his residence in Sofia, the press service of the Foreign Ministry said in a statement. 'We will attach specific importance to reaching a common stand on EU's open issues,' Kalfin said. ...
26.06.2008
Sofia's Vuzrazhdane Park to stay construction-free
The land plot belonged to the municipal real estate company Sofiiski Imoti Councillors from the Socialist party accused municipal company Sofiiski Imoti of selling 2.1 ha of land in the Zona B5 neighbourhood to Sigma Remont, a private company owned by a Seychelles-registered firm. Sofia mayor Boiko Borissov said on June 18 that there would not be any building activity in Vuzrazhdane Park while he is city mayor, municipality spokesperson Tsvetanka Krusteva told the Sofia Echo. As previously reported by The Sofia Echo, competing claims over the ownership of a large land plot from ...
26.06.2008
Sofia opens shelter for stray dogs
At least 12 per cent of the city's stray dogs will be accommodated in the five dog shelters with a total capacity of 1200 animals A new dog shelter for 100 dogs was opened on June 25 in Sofia's Slatina neighbourhood. Bulgarian-language broadcaster zagrada.bg said this was the third dog-shelter out of five that are planned to open in the near future. The shelter was built by German foundation Tierhilfe Süden, which has been operating in Bulgaria for 12 years under the name Vtori Shans (Second Chance). Another shelter for 500 dogs will open in the Kremikovtzi area and one for 250 dogs ...
12.06.2008
European Trade Center to be ready in 2010
European Trade Center, an office complex whose construction is already underway on Tsarigradsko Chaussee in Sofia The floorage of the five buildings in the complex would vary from 7 000 to 23 000 sq m. One of them would fall in the skyscraper category with a height of 65 m, chief architect of the complex Ilian Iliev said. European Trade Center, an office complex whose construction is already underway on Tsarigradsko Chaussee in Sofia, would be completed in 2010 and should bring seven per cent return on investment, investors in the project told reporters on June 2, as quoted by Dnevnik ...
12.06.2008
Simeonovo River Park to cost 100M euro
Half the space is intended for parks and greenery comprising pedestrian and bike alleys, tennis and basketball courts Simeonovo River Park, whose construction began earlier this year, is due for completion in three years' time. The project will spread over 248 000 sq m and will have 207 houses. Half the space is intended for parks and greenery comprising pedestrian and bike alleys, tennis and basketball courts. Sofia's future Simeonovo River Park residential development will cost about 100 million euro to build, Ivo Koloushev, director of Bulgarian developer Litos, told SeeNews newswire. ...
12.06.2008
EIB ready to co-finance Bulgaria's EU projects with up to 0.7B euro
The 25-year loan carries a seven-year grace period The Bulgarian Government will shortly table for ratification in Parliament a loan agreement with the European Investment Bank (EIB). The deal would cover the 2007/13 period and would represent assistance for co-financing projects funded with European Union money. The assistance would be endorsed in the form of a structured programmatic loan. The document, to be put up for discussion on June 12, was signed on December 14 by Bulgaria's Finance Minister Plamen Oresharski and EIB vice-president Mathias Kollatz-Ahnen. The loan, whose cap is ...
03.06.2008
EU money for business
Nearly 90 million euro were allocated for preservation of cultural monuments and natural attractions under the programme Bulgaria would use the funds allocated under the Ispa pre-accession programme 'up to the last euro', Environment and Water Affairs Minister Djevdet Chakurov said at the national conference Money for Tourism, organised by the National Tourism Board (NTB). The ministry could assist sustainable tourism development through the funds allocated under the European Union's operational programme Environment, he said, as quoted by Focus news agency. Its main goal was the ...